Teaching by Example, Part 2: Entering into a family business

This is the second installment of the true story entitled “Diana Garrett,” from Labors of Love: The Legacy of Inherited Wealth, Part II.

“When my four brothers and my sister and I were in our early twenties, we started to have family meetings every two or three years. My father was, as usual, thinking ahead—this time about succession in the business. He was trying to understand for himself where all his children stood in their relationship to the business, and to the assets he had given us. Those meetings were completely controlled and run by our father. He created the agendas, he controlled the discussions, and he talked about what he wanted to talk about. I don’t think it ever occurred to him to ask us what we might want to have on the agenda, or what we might to talk about. But those meetings began an educational process designed to help us understand what the future of the business might look like. And we talked through most of the decisions he had made that could result in our acquiring wealth over a period of time.”

from Barbara Blouin, Labors of Love: The Legacy of Inherited Wealth, Book II, The Inheritance Project